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New York Factory Activity
Shows Slowdown in August

NEW YORK -- Factory activity in the New York region declined sharply in August, falling well shy of economists' expectations as new orders and shipments plummeted.

The New York Federal Reserve said today that its Empire State Manufacturing Survey slowed to a reading of 12.57 this month, compared with a downwardly revised 35.75 in July. Economists surveyed by Dow Jones Newswires had forecast a reading of 32.5.